The futures were being manipulated lower in after-hours trading, creating a duel on the lesser charts but also depleting the ranks of sellers in order to set up a potential short squeeze. Bulls hold a small edge at the moment, but it’s not enough to offer a compelling trade, even one initiated with camouflage. Although a 1296.00 downside target noted here earlier remains valid in theory, it has been too long in coming to be worth much. Looking at a bigger picture, as noted here earlier, a decisive penetration of that support would likely consign the futures to a test of support near 1260, where the E-Mini S&P made a technically significant low in early June.
